Investment Rating - The report maintains a "Positive" investment rating for the industry [11]. Core Insights - The report analyzes the running industry and the development of running shoes, highlighting three main drivers: product technology advancements, breakthroughs in the supply chain, and future prospects for domestic brands to lead a new cycle of product innovation [4][10]. Summary by Sections Global Running Boom - The running craze has swept globally, with China experiencing rapid penetration. The running participation rate and road running events in China still have significant room for growth compared to overseas markets [7][21][31]. Competition in Midsole Technology - Midsole technology is crucial for the comfort of running shoes, with material and foaming processes determining performance. Different consumer groups have varying needs for shoe performance, with midsole technology being the core factor affecting comfort [8][39]. Evolution of Midsole Technology - The report emphasizes that product quality is fundamental, while marketing plays a supportive role. Major brands like Nike and Adidas have led the market through midsole technology upgrades, with Li Ning's "䨻" technology marking a significant advancement in the domestic market [9][10]. Future Industry Dynamics - Domestic brands are catching up with international competitors in terms of core midsole technology, although there are still gaps in design and product calibration. Continuous investment in these areas is expected to enhance market share and lead to new product cycles [10][11].